TURKU, FINLAND--(Marketwire - May 13, 2011) - Biotie has undergone significant changes during the first quarter that have transformed the nature of its operations and its financial status. Most notably, in February 2011, Biotie acquired Synosia Therapeutics, a drug development specialist with key operations in the US and a strategic alliance with UCB Pharma. In January 2011 Biotie was informed by its licensing partner H. Lundbeck A/S of positive phase 3 results with nalmefene, its lead product for the treatment of alcohol dependence. In March 2011 Biotie raised EUR 27 million in a directed share issue to institutional and strategic investors, strengthening its financial position. The company now employs approximately 40 people, has operations in Finland, the United States and Switzerland and is exclusively focused on the development of its promising pipeline of clinical-stage drug candidates.
Financial review Q1 2011
Financial statements for the Q1 2011 are not directly comparable to the same period in 2010 due to the Synosia Therapeutics acquisition and the consolidation of the new subsidiaries’ results into the Biotie group’s consolidated financial statements from the acquisition date 1 February onwards.
Revenues in January - March 2011 amounted to EUR 0.5 million (EUR 1.2 million in the same period in 2010). Net loss in January - March was EUR 7.7 million (EUR 3.7 million in the same period in 2010). Total comprehensive income including the currency translation differences amounted to EUR -9.5 million (EUR -3.7 million in the same period 2010). Basic earnings per share amounted to EUR -0.03 (EUR -0.02 for the same period 2010).
Cash flow from operating activities in January - March amounted to EUR -4.2 million for continuing operations (EUR -4.4 million in the same period in 2010) and EUR -1.2 million for discontinued operations (no discontinued operations reported in Q1 2010).
As of 31 March 2011, liquid assets amounted to EUR 46.8 million (EUR 15.2 million as of 31 March 2010).
Timo Veromaa, Biotie’s President and CEO:
“We have had a very successful first quarter, which was underpinned by positive data from the first set of phase 3 nalmefene studies from Lundbeck, the transformational merger with Synosia and our directed share offer. We have made rapid progress with integration activities and have continued to advance our newly enlarged pipeline which now includes nine clinical development candidates. In the coming months, we expect to receive important data from Lundbeck for nalmefene in alcohol dependence and for our Parkinson’s disease product SYN118, for which UCB Pharma has an option to license. These are exciting times for Biotie and we believe that with our broad pipeline, strong balance sheet and experienced management team, we are well positioned to drive long-term growth and shareholder value”.
Key events after the reporting period
Start of a Phase 2b trial of SYN115 in Parkinson’s disease: As announced on 7 April 2011, the phase 2b trial is a randomized, double-blind, placebo-controlled study that will evaluate four doses of SYN115 versus placebo as adjunctive therapy in 400 levodopa-treated Parkinson’s disease (PD) patients with end of dose wearing off. In these patients, treatment with levodopa is insufficient to control PD symptoms until their next dose, resulting in an ‘off’ period when symptoms reappear. The aim of the phase 2b study is to determine the efficacy and safety of SYN115 in reducing the mean time spent in the ‘off’ state over a 12 week treatment period. The trial will also assess the impact of SYN115 on various measures of motor symptom severity, dyskinesia and non-motor symptoms. Results from the study are expected in H1 2013.
Re-election of Board members: All existing board members, Bradley J. Bolzon, William M. Burns, Peter Fellner, Merja Karhapää, Bernd Kastler, Ismail Kola, Guido Magni, Andrew J. Schwab, Piet Serrure and James S. Shannon were re-appointed at Biotie’s Annual General Meeting on 6 May 2011. At the organization meeting of the re-appointed Board of Directors, which convened immediately after the Annual General Meeting on 6 May 2011, Peter Fellner was re-elected as the Chairman of the Board of Directors and Bradley J. Bolzon was re-elected as the deputy chairman.
Outlook for 2011
Biotie will continue to support its licensing partner Lundbeck in the development of nalmefene for the treatment of alcohol dependence. Final clinical data from the ongoing phase 3 study is expected Q2 2011; a possible marketing authorization submission in the EU is anticipated H2 2011.
SYN118, for the treatment of Parkinson’s disease, is currently in a phase 2a study and data from this trial is expected to become available Q2 2011. UCB Pharma has an option to license this product after the clinical data is available for their review.
SYN120, for the treatment of cognitive disorders associated with Alzheimer’s disease and schizophrenia, is expected to enter a phase 1 PET (“positron emission tomography”) imaging study during Q2 2011. The study is scheduled to be completed H1 2012. Roche has an option to license this compound from Biotie.
Biotie will announce development plans for its proprietary VAP-1 antibody later this year. While the rights to the product in Japan, Taiwan, Singapore, Australia and New Zealand have been granted to Seikagaku, Biotie retains ownership in the rest of the world and will be looking for additional collaboration opportunities.
Biotie will announce development plans for ronomilast for the treatment of COPD later this year. Biotie will be looking for potential collaboration opportunities for this product.
Biotie is currently assessing options for evaluating rufinamide (SYN115) in the treatment of bipolar disorder.
Financial calendar 2011
Interim Report for January - June 5 August 2011
Interim Report for January - September November 2011
Conference call
An analyst and media conference call will take place on 13 May 2011 at 2.00 p.m. Central European Time. The conference call will be held in English.
Callers may access the conference directly at the following telephone numbers: US: +1 212 444 0481, UK: +44 (0)20 7138 0825 and Finland: +358 (0)9 2319 4344 access code 4052511. Lines are to be reserved ten minutes before the start of conference call. The event can also be viewed as a live webcast at www.biotie.com. An on demand version of the conference will be published on Biotie’s website later during the day. In case you need additional information or assistance, please contact: Virve Nurmi, IR Manager Biotie Therapies, Tel +358 2 2748 911
About Biotie
Biotie is a specialized drug development company focused on the development of drugs for neurodegenerative and psychiatric disorders (Parkinson’s disease, Alzheimer’s disease and other cognitive disorders, bipolar disorder, and alcohol and drug dependence) and inflammatory diseases (rheumatoid arthritis, psoriasis, chronic obstructive pulmonary disease and others). It has several innovative small molecule and biological drug candidates at different stages of clinical development. Biotie’s products address diseases with high unmet medical need and significant market potential.
Partnerships with top tier pharmaceutical partners are in place for several programs as well as a strategic collaboration with UCB Pharma S.A. Biotie’s most advanced product, nalmefene for alcohol dependence, is currently in Phase 3 clinical development by licensing partner H. Lundbeck A/S.
Drug development projects:
Nalmefene, a new treatment paradigm for alcohol dependence. Nalmefene builds on a novel principle of treating alcohol dependence. Unlike existing therapies, the treatment with Nalmefene is not aimed at keeping the patients from drinking. Nalmefene instead removes the desire to drink, thereby controlling and limiting the intake of alcohol. Nalmefene distinguishes itself by being available as an oral tablet formulation to be taken on an as needed basis.
Biotie’s partner Lundbeck announced in January 2011 that it had completed two phase 3 clinical trials evaluating nalmefene for the treatment of alcohol dependence (ESENSE1, SENSE). The data from these studies was consistent with the profile of nalmefene observed in previous clinical studies and demonstrated that nalmefene was safe and efficacious in helping patients to reduce drinking. Lundbeck expects to complete a further efficacy study (ESENSE2) in Q2 2011 and is on track to file a marketing authorization application (MAA) in Europe in H2 2011, depending on the outcome of the final study. Lundbeck plans to submit detailed efficacy and safety data for presentation at scientific and medical meetings after all three trials have been completed. Launch of the product in the EU is expected H2 2012. Biotie is participating in financing some of the clinical development costs. Biotie has granted worldwide rights for nalmefene to Lundbeck.
SYN115 is an orally bioavailable, potent and selective adenosine A2a receptor antagonist in development for Parkinson’s disease (PD). Adenosine A2a inhibition with SYN115 has been shown in preclinical studies to reverse motor deficits and enhance the effect of current PD therapies, e.g. levodopa and dopamine agonists, without inducing troublesome dyskinesia (involuntary movements). In addition, SYN115 also displays activity in preclinical models on non-motor symptoms of PD including depression, cognition and anxiety.
After the reporting period, Biotie announced the start of a phase 2b trial evaluating SYN115 in PD. The trial is a randomized, double-blind, placebo-controlled study that will evaluate four doses of SYN115 versus placebo as adjunctive therapy in 400 levodopa-treated PD patients with end of dose wearing off. In these patients, treatment with levodopa is insufficient to control PD symptoms until their next dose, resulting in an ‘off’ period when symptoms reappear. The aim of the trial is to determine the efficacy and safety of SYN115 in reducing the mean time spent in the ‘off’ state over a 12 week treatment period. The study will also assess the impact of SYN115 on various measures of motor symptom severity, dyskinesia and non-motor symptoms. Results from the phase 2b trial are expected H1 2013.
Biotie has granted UCB Pharma S.A. a license for exclusive, worldwide rights to SYN115. UCB will be responsible for phase 3 development and commercialization.
Nitisinone (SYN118) is a potent and selective inhibitor of hydroxyphenylpyruvate dioxygenase (HPPD), an enzyme responsible for the catabolism of tyrosine, the precursor of the neurotransmitter dopamine. Preclinical studies have shown that nitisinone is active in animal models of PD. Clinical studies and patient experience with nitisinone have shown pronounced and predictable elevations in the circulating concentrations of tyrosine. The company has completed an open label, proof-of-mechanism study with nitisinone for PD and a proof-of-concept trial in restless leg syndrome, both of which demonstrated encouraging efficacy and safety. A randomized, placebo controlled phase 2a study in PD patients is currently ongoing and data are expected in Q2 2011. UCB has an option to obtain an exclusive license to this product.
SYN120 is an orally bioavailable, potent and selective antagonist of the 5-HT6 receptor. The 5-HT6 receptors are exclusively located in the brain and antagonism of these receptors modulates the release of acetylcholine and glutamate, two neurotransmitters known to be involved with memory function. Cognitive deficits are an important component of many CNS diseases, especially Alzheimer’s and schizophrenia. SYN120 has completed single and multiple ascending dose phase 1 clinical studies. Biotie plans to initiate a PET imaging study for SYN120 in Q2 2011. The compound was originally licensed from Roche and Roche has an option to reacquire this program after the results of the planned study have been obtained.
VAP-1 antibody. VAP-1 (vascular adhesion protein-1) has been shown to play a key role in chronic inflammatory diseases such as COPD, rheumatoid arthritis, psoriasis and diabetes. Biotie has significant know-how and a strong intellectual property position around this target and is developing a fully human monoclonal antibody, BTT-1023, which blocks VAP-1 function. In 2010 Biotie reported the successful completion of phase 1b clinical trials with BTT-1023 in 24 rheumatoid arthritis and 26 psoriasis patients. The compound has demonstrated a favorable safety profile in a total of 83 study subjects and has shown promising signals of clinical activity, especially with higher doses in the rheumatoid arthritis study. These data support further clinical development of the product, plans for which will be announced later this year. Biotie has granted a license to Seikagaku Corporation for the commercial rights to the product in Japan, Taiwan, Singapore, New Zealand, and Australia, and is seeking additional collaboration partners.
Ronomilast is a once-daily, oral phosphodiesterase 4 (PDE4) inhibitor with therapeutic potential in chronic inflammatory disorders, particularly in chronic obstructive pulmonary disease (COPD), a serious respiratory disorder with major unmet medical need. In three clinical studies with a total of 126 study subjects ronomilast has been demonstrated to be safe and well tolerated at all tested doses up to 100mg once daily. No serious or severe adverse events were reported in any of the study subjects. Robust and statistically highly significant biomarker responses confirmed the pharmacological activity of well tolerated doses of ronomilast in man. These data support further clinical development, plans for which will be announced later this year. Biotie will be looking for potential collaboration opportunities for this product.
Nepicastat (SYN117) is a potent, competitive, and selective inhibitor of the enzyme dopamine beta-hydroxylase. The inhibition of this enzyme has been shown to raise dopamine levels in the central nervous system (CNS). Nepicastat is available as an oral treatment and has been well-tolerated in preclinical models at doses significantly above the expected therapeutic range for the current CNS indications under investigation. A phase 2 study of nepicastat in post traumatic stress disorder is ongoing, funded by the US Department of Defense. No data from this study is expected to become available before 2013.
Rufinamide (SYN111) is a potent, specific, and orally bioavailable sodium channel blocker with proven anti-epileptic activity. The compound is marketed in the EU and the US as adjunctive therapy in Lennox Gastaut Syndrome (LGS), a severe form of epilepsy. Biotie holds rights to rufinamide in medical indications outside of LGS and is currently assessing options for evaluating this product in the treatment of bipolar disorder.
Financial review for reporting period January - March 2011
Biotie acquired Synosia Therapeutics Holding AG in February 2011. The acquisition and its impacts on consolidated financial statements are described in more detail in the notes of this financial statements (see acquisition of Synosia Therapeutics Holding AG),
Financial statements for the Q1 2011 are not directly comparable to the same period in 2010 due to the Synosia Therapeutics acquisition and the consolidation of the new subsidiaries’ results into the Biotie group’s consolidated financial statements from the acquisition date 1 February onwards.
Revenues: Revenues for the reporting period Q1 2011 amounted to EUR 0.5 million (EUR 1.2 million in the same period in 2010). Revenues consisted of periodization of previously received upfront payments from licensing agreements.
Financial result: Net loss for the reporting period 2011 was EUR 7.7 million (EUR 3.7 million in the same period in 2010). Total comprehensive income including the currency translation differences amounted to EUR -9.5 million (EUR -3.7 million in the same period 2010). Research and development costs for the reporting period amounted to EUR 4.9 million (EUR 3.8 million in the same period in 2010).
Financing: Cash and cash equivalents and short term investments totaled EUR 46.8 million on 31 March 2011 (EUR 15.2 million on 31 March 2010).
Biotie announced in March 11 execution of a private placement of shares in the amount of EUR 27 million. The shares were allocated to Finnish and international institutional and strategic investors. A total of 35,230,000 newly issued and 14,747,084 treasury shares were offered at a subscription price of EUR 0.54 per share.
Biotie has a standby equity distribution agreement (SEDA) in place with US fund Yorkville. Yorkville is obliged to subscribe and pay for ordinary no-par Biotie shares up to a total value of EUR 20 million during the period until September 2012 at Biotie’s discretion (Biotie option). The purpose of this arrangement is to have an option to secure the financing of Biotie’s working capital in the short and medium term. Biotie has made use of this arrangement three times since August 2010 and has raised a total amount of EUR 1.1 million.
Shareholder’s equity: The shareholders’ equity of the group amounted to EUR 87.7 million (IFRS) on 31 March 2011. Biotie’s equity ratio was 62.4% on 31 March 2011 (-46.2% on 31 March 2010).
Investments and cash flow: Cash flow from operating activities in January - March amounted to EUR -4.2 million for continuing operations (EUR -4.4 million in the same period in 2010) and EUR -1.2 million for discontinued operations (no discontinued operations reported in Q1 2010). The group’s investments during the reporting period amounted to EUR 20 thousand (EUR 80 thousand in the same period in 2010).
Personnel
During the reporting period January - March 2011, the average number of employees amounted to 41 (82 during January - March 2010) and at the end of the reporting period, after the restructuring in Q4 2010 and acquisition of Synosia in Q1 2011, Biotie employed 40 people (83 on 31 March 2010).
Changes in the management team
In connection with the acquisition of Synosia Therapeutics, Steve Bandak replaced Antero Kallio as Chief Medical Officer and Ian Massey joined as Chief Operating Officer and President of US Operations in February 2011. Antero Kallio now reports to Steve Bandak. In January 2011, Biotie announced that its Chief Financial Officer Thomas Taapken would leave the company as of 31 March 2011. He has been replaced ad interim by Biotie’s VP Finance & Administration Ms. Ulla Sjöblom.
Changes in the Board of Directors
Composition of the Board of Directors elected at the Extraordinary General Meeting 1 February 2011
The number of the members of the Board of Directors was resolved to be ten. Bradley J. Bolzon, William M. Burns, Peter Fellner, Merja Karhapää, Bernd Kastler, Ismail Kola, Guido Magni, Andrew J. Schwab, Piet Serrure and James S. Shannon, were elected as the members of the Board of Directors.
At the organization meeting, which convened after the Extraordinary General Meeting in February 2011, Peter Fellner was elected as the Chairman of the Board of Directors and Bradley J. Bolzon was elected as the Deputy Chairman.
Option rights
Biotie has issued option rights to certain of its employees and managers pursuant to two different option programs in 2006 and 2009. Each option right granted based on these two option programs entitle to subscribe one share in the company.
The Swiss company Synosia Therapeutics Holding AG (currently Biotie Therapies Holding AG) acquired by Biotie in February 2011 also has a stock option plan based on which stock options have been granted to employees, directors and consultants. In connection with the completion of the acquisition of Synosia, the option plan was amended so that instead of shares in former Synosia Therapeutics Holding AG an aggregate maximum of 14,912,155 shares in Biotie Therapies Corp. may be subscribed based on the plan. Biotie Therapies Corp. issued these 14,912,155 shares to its current subsidiary Biotie Therapies Holding AG in connection with the acquisition to be further conveyed to the option holders when they potentially exercise their option rights in accordance with the terms and conditions of the option rights. At the end of the reporting period, on 31 March 2011, the total number of shares which can be subscribed by virtue of these option rights deriving from Synosia Therapeutics Holding AG amounts to 14,912,155, which represents 3.8% of the total amount of shares in the company as of 31 March 2011.
Share capital and shares
Biotie shares are all of the same class and have equal rights. Each share entitles the holder to one vote at the general meeting of shareholders. All shares are quoted on NASDAQ OMX Helsinki Ltd (Small cap, Healthcare).
As described in more detail in Biotie’s stock exchange releases issued on 1 and 2 February 2011, resolutions necessary for the completion of the acquisition of Synosia Therapeutics Holding AG (currently Biotie Therapies Holding AG) were passed at the Extraordinary General Meeting held on 1 February 2011 and, as a result, Biotie issued 161,448,371 shares to the shareholders and warrant holders of Synosia as consideration for the entire issued share capital and outstanding warrants of Synosia. In connection with this transaction, the company also issued 14,912,155 new shares to Synosia to be held in treasury and used to fulfill the requirements of future potential exercise of Synosia’s options. The new shares were registered on 3 February 2011.
Furthermore, Biotie announced on 11 March 2011 the successful placement of 35,230,000 new shares and 14,747,084 treasury shares to institutional and strategic investors.
On 31 March 2011 the registered number of shares in Biotie Therapies Corp. was 387,594,457. Of these shares 14,912,155 were held by the company or its group companies. The registered share capital of Biotie was EUR 165,919,181.95
Market capitalization and trading
At the end of the reporting period the share price was EUR 0.56, the highest price during the reporting period January - March 2011 was EUR 0.82, the lowest was EUR 0.49, and the average price was EUR 0.61. Biotie’s market capitalization at the end of the reporting period was EUR 217.1 million.
The trading volume on NASDAQ OMX Helsinki during the reporting period was 121,439,322 shares, corresponding to a turnover of EUR 72,874,030.
Changes in ownership
During the reporting period, January - March 2011, Biotie made eleven announcements according to Chapter 2, Section 10 of the Finnish Securities Market Act.
Information on notices of changes in ownership and a monthly updated list of Biotie’s major shareholders is available on the company’s website at www.biotie.com/investors.
Group structure
The parent company of the group is Biotie Therapies Corp. The domicile of the company is Turku, Finland. The company has two non-operational subsidiaries named Biotie Therapies GmbH, located in Radebeul, Germany and Biotie Therapies International Ltd in Finland.
The company now also has a holding subsidiary, Biotie Therapies Holding AG, located in Basel, Switzerland, which has two operative subsidiaries, Biotie Therapies AG, located in Basel, Switzerland and Biotie Therapies, Inc. located in South San Francisco, California.
Shareholders’ meetings
Extraordinary General meeting held on 1 February:
On 1 February 2011, the Extraordinary General Meeting of Biotie passed resolutions necessary for the completion of the acquisition of Synosia Therapeutics Holding AG (“Synosia”), deciding on the issue of 161,448,371 new Biotie shares to the shareholders and warrant holders of privately-owned Synosia in exchange for the entire issued share capital and outstanding warrants of Synosia.
The stock exchange release regarding the resolutions of the Extraordinary General Meeting of Biotie Therapies Corp. was published on 1 February 2011.
After the reporting period, on 6 May 2011, the Annual General Meeting was held and resolved the following items:
- The financial statements 2010 were adopted
- It was resolved to transfer of loss of the financial year 2010 to the unrestricted equity and that no dividend shall be paid
- Discharge from liability was granted for the members of the Board of Directors and the Managing Director
- It was resolved that the remuneration payable to the members of the Board of Directors will be as follows: EUR 4,000 per month for the Chairman and EUR 3,000 per month for other Board members. In addition, it is proposed that reasonable travelling expenses for the meetings would be compensated.
- The number of members of the Board of Directors will be ten (10)
- Peter Fellner, Bradley J. Bolzon, William M. Burns, Merja Karhapää, Bernd Kastler, Ismail Kola, Guido Magni, Andrew J. Schwab, Piet Serrure and James S. Shannon were re-elected as members of the Board of Directors for the term expiring at the end of the following Annual General Meeting.
- The auditors’ fees will be paid pursuant to a reasonable invoice
- PricewaterhouseCoopers Oy, a firm of auditors approved by the Central Chamber of Commerce, and Mr. Janne Rajalahti, Authorized Public Accountant, were elected as the auditors of the company
- The Board of Directors was authorized to resolve on one or more issues, containing the right to issue new shares or dispose of the shares in the possession of the company and to issue options or other rights to the shares pursuant to chapter 10 of the Companies Act. The authorization consists of up to 115,000,000 shares in aggregate, is effective until 30 June 2012 and supersedes earlier authorizations.
The stock exchange release regarding the resolutions of the Annual General Meeting of Biotie Therapies Corp. was published on 6 May 2011.
Short-term risks and uncertainties
Biotie’s strategic risks are predominantly related to the technical success of the drug development programs, regulatory issues, strategic decisions of its commercial partners, ability to obtain and maintain intellectual property rights for its products, launch of competitive products and the development of the sales of its products. The development and success of Biotie’s products depends to a large extent on third parties. Any adverse circumstance in relation to any of its R&D programs might impair the value of the asset and thus, represent a severe risk to the company. Such adverse events could happen on a short term notice and are not possible to foresee.
The key operational risks of Biotie’s activities include the dependency on key personnel, assets (especially in relation to intellectual property rights) and dependency on its license partners’ decisions.
Furthermore, significant financial resources are required to advance the drug development programs into commercialized pharmaceutical products. To fund the operations, Biotie relies on financing from two major sources: income from its license partners and raising equity financing in the capital markets.
The company relies on capital markets to raise equity financing from time to time. There can be no assurance that sufficient funds can be secured in order to permit the company to carry out its planned activities. Current capital market conditions are very volatile. While in March 2011 the company was able to raise a significant amount of cash from a share issue to fund its operations in the mid-term future, there can be no assurance that the company can secure equity financing in the future if and when it needs it.
Although Biotie has currently active license agreements in place, the termination of any such agreement would have a negative effect on the short to medium term access to liquidity for the company. While income generated from commercial agreements with third parties relating to its clinical programs might significantly improve Biotie’s financial position, a forecast on possible income from future licensing arrangements cannot be provided reliably. Therefore it is possible that Biotie will need to secure additional financing from share issues in the future.
The group can influence the amount of capital used in its operations by adapting its cost base according to the financing available. The restructuring measures announced in Q4 2010 highlight such an approach. Management monitors the capital and liquidity on the basis of the amount of equity and cash funds. These are reported to the Board on a monthly basis.
IFRS and accounting principles
This interim financial report has been prepared in accordance with IFRS recognition and measurement principles, and applying the same accounting policies as for the 2010 financial statements. The interim report has not been prepared in accordance with IAS 34, Interim Financial Reporting.
In addition, as a result of the acquisition of Synosia Therapeutics, Biotie has applied the following principle in its Q1 2011 financial statements:
The results and financial position of all the group entities that have a currency different from the presentation currency are translated into the presentation currency as follows:
a. Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet.
b. Income and expenses for each income statement are translated at average exchange rates.
c. All resulting exchange differences are recognised in the income statement as part of the gain or loss on sale.
On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of inter-company borrowings that are considered of being part of the net investment, are taken to other comprehensive income. When a foreign operation is disposed of or sold (either partially or as a whole), exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
This interim report is unaudited.
Turku, 13 May 2011
Biotie Therapies Corp.
Board of Directors
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS) 1.1.- 1.1.- 1.1.- 31.3.2011 31.3.2010 31.12.2010 EUR 1,000 3 months 3 months 12 months --------- --------- --------- Continuing operations Revenue 473 1,201 1,955 Research and development expenses -4,928 -3,769 -5,538 General and administrative expenses -3,072 -1,045 -4,216 Other operating income 258 95 166 --------- --------- --------- Operating profit/loss -7,268 -3,518 -7,633 Financial income 18 45 101 Financial expenses -460 -213 -930 --------- --------- --------- Profit/loss before taxes -7,711 -3,687 -8,462 Taxes 0 0 0 --------- --------- --------- Net income/loss, continuing operations -7,711 -3,687 -8,462 Net income/loss, discontinued operations
